Spot PP prices drop to over a year low in Italy
A West European producer started giving December offers for their gentlemen’s agreements with decreases of €30-40/ton from last month. A producer source that they had already been anticipating a softer trend given the bearish energy markets and commented that they don’t expect crude oil prices to pick up in the medium term.
An agent of another West European supplier lowered his PP prices by €30/ton for December. The seller trader commented that the market is quiet so far. Another distributor also reported issuing discounts of €30-40/ton on his December PP prices for West European material. The seller distributor stated that he doesn’t have any particular supply issues for now.
A compounder obtained discounts of €60/ton on his December gentlemen’s agreements for West European PP. The buyer also received Central European offers €40/ton below November in the spot market and stated that he is planning to buy additional volumes in the upcoming days.
Another compounder received a December PP offer €30/ton below last month and reported facing delays in his deliveries from his regular West European supplier. A different converter commented that a South European producer appears to have solved their availability concerns after he couldn’t procure all of his requirements from the supplier in November.
Even though most sellers are unwilling to concede to the entire monomer drop for now citing tight availability, a buyer already obtained discounts of €60/ton on his early December deals. High end PPVC prices may post further reductions in the upcoming days as sellers may attemptneed to speed up their sales amidst the limited number of working days this month.
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